This multi methods research, which is combined both of quantitative and qualitative methods, is about Public Service Announcement (PSA). This study is aimed to find out if something changes in behavior of people and their attitude to social problem in Russia by an impact of PSA and to understand whereby PSA impacts on changes in behavior of people and rise of attention to social problem in Russia. In order to achieve thesis aims, various types of data presented in this research: a survey of   50 people from different age and sex groups and interviews with a workers of two social organizations. To analyze a data, it were used a univariate and bivariate analysis for quantitative data. Analysis of qualitative data is done in a phenomenological way. According to the results, PSA performs its tasks, something it’s changed in people by impact of PSA, people of all ages noted an  influence of PSA on them, they get to know about social problem, begin to think about or changed their behavior, begun to work as volunteers, made a donation. By all this aspects as emotion, feeling, sensation, design, PSA impact on changes in behavior of people and rise of attention to social problem in Russia.  PSA impacts across effective psychological mechanism such as an emotional sphere of personality. Psychological aspects can be divided into cognitive and emotional. Emotion is one of the key factors of the PSAs. It is established that emotional memory is much stronger than other types of memory, affects human behavior. Cognitive component is related to how advertising information is perceived by people. All elements like an illustration, title, text, logo, layout and general features of the image determine the overall effect of advertising. PSA is a display of goodwill of society, its principled position on socially significant values. Social advertising can and should be considered as a mode of operation of social services.

The purpose of the thesis is to study share price response to quarterly earnings per share (EPS) announcements in the world steel industry for the last five years (from 2007 to 2011), using the event study methodology. Moreover, the paper attempts to test share price reactions to earnings releases for yearly aggregation (pre-crisis, crisis and post-crisis periods) and countries aggregation (developed and developing countries) of sample steel companies. The research is conducted employing a sample of 30 listed companies, operating in the steel industry. The steel producers’ headquarters are situated in thirteen countries; they are traded on twelve stock markets as primary listing stock exchanges and are referred to thirteen respective indexes.The thesis uses the event study methodology in order to address the purpose of the research. This methodology provides an insight on how numerous corporate events (M&As and takeovers announcements, regulatory changings and earnings announcements) influence company’s stock prices. All the announcements were divided into two groups: “negative” announcements (Group I) and “positive” announcements (Group II). By “negative” announcements it is meant, that new actual earnings per share are smaller than earnings per share from the last quarter, and vice versa for “positive” announcements. The pattern for overall aggregation of sample companies showed the significant and expected share price response to earnings announcements for Group I only. The output for Group II was puzzling. This led to the assumption of negative market perception on the steel industry stock prices as a result of 2007-2008 financial crises. Indeed, for 2007, which was determined as a pre-crisis period for the steel industry, the share price reaction was significant for both groups of EPS announcements. However, within the two other periods (crisis period of 2008-2009 and post-crisis period of 2010-2011) significant and expected pattern was obtained only for Group I once again. The 2007 yearly aggregation comprised only twenty companies due to the data availability. This revealed the assumption, that this sample of twenty steel companies should be tested for the two other periods. However, the pattern remained the same as in the overall aggregation case. Furthermore, the sample steel companies were aggregated on countries basis. The obtained response was analogous to overall aggregation response, the only difference is that Group I reaction was more significant for developed countries than for developing counties sample.

Insider trading may convey information to the market and promote accurate pricing of stocks. In this dissertation, I investigate insider trading at the turn of the century. In the first essay, I investigate insider trading activity in technology stocks during the high price - high volatility period of the late 1990s. I document that insiders of technology firms were heavy sellers during the ten month pre-peak period in which stock prices more than doubled. The technology stocks that were sold by insiders more extensively in the pre-peak period had lower returns in the post-peak period. I furthermore investigate the relation between the net order flows (buyer initiated minus seller initiated trades) and abnormal insider trading activity. I document that the net order flow is positively related to abnormal insider trading activity. However, this positive relation becomes weaker in the peak period; which implies less price discovery through insider trading during the rise of technology stock prices. In the second essay, I document that disclosure requirements significantly affect insider trading behavior. The Sarbanes-Oxley Act of 2002 requires expedited and on-line disclosure of insider transactions. This increase in the visibility of insider trading reduces informational advantage of insiders and increases the likelihood of facing legal sanctions for insiders. I document that insider purchases significantly declined after the Sarbanes- Oxley Act. In addition, the incidences of insider purchases (sales) prior to positive (negative) earnings surprises declined after the Act. Finally, I document that the earnings announcements become more informative after the Act, which is consistent with less price discovery through insider trading prior to earnings announcements. However, the evidence that the decline in insider trading contributes to more informative earnings announcements is pronounced for insider purchases but not for insider sales.

In the information technology industry which has high network externalities, it is common for a firm to employ new product pre-announcements to promote their future products. However, false product pre-announcements are strategically anti-competitive. Under the two-stage game model, this paper examines the monopolistic firm¡¦s incentive of employing false pre-announcements when competing with a potential rival and whether those pre-announcements are strategically anti-competitive, provided that the market exhibits network externalities and the compatibility of system products is considered. This paper shows that if there are no potential rivals in the future, if the products have network externalities, and if the compatibility of cross-period products is relatively high, then the monopoly will have an incentive to exaggerate the pre-announcements. If potential rivals enter the market at the second stage, then the greater the monopoly¡¦s technological advantage is, the higher the extent of false pre-announcements will be. However, as long as the network effect is large enough, the monopoly is likely to employ pre-announcements, even if the product has no technological advantage. By excluding potential entrants from entering the market, established monopolistic firms keep their profits. And consumers may have false expectation¡Xa firm could win with an inferior technology¡Xwhich will in turn cause unfair competition. In addition, when the differences of the products are getting larger, a firm¡¦s incentive of employing false pre-announcements will raise. When the two products are totally compatible, the monopoly¡¦s new product pre-announcements are merely affected by the technological advantage. Then the greater the monopoly¡¦s technological advantage is, the higher the extent of false pre-announcements will be.

公司取得聯貸是否是一項特殊資訊？過去已經有許多文獻指出，銀行核定企業的聯合貸款對投資人來說是一項特殊資訊，因為當銀行借錢給公司之前，通常有實地查核的動作，一旦銀行核定該項貸款，則代表銀行認可借款公司的財務狀況，所以會對股市投資人產生認證效果，市場會將該訊息視為一項對公司股價有正面影響的訊息。但是晚近文獻出現不同的看法，有學者發現獲得銀行貸款的公司，除了長期經營績效並未表現較好之外，其短期宣告效果也有樣本選擇偏誤的問題。 本文嘗試利用較完整的公司獲得聯貸資金的樣本、以及較高頻率的股價資料，重新檢視公司取得聯貸是否是一項特殊資訊。在實證部份，採用較完整的公司獲得聯貸資金的樣本，此資料來自美國證券管理委員會EDGAR資料庫。本論文以該資料庫做為搜集聯貸宣告的樣本，可以避免樣本選擇偏誤的問題。實證結果發現聯貸宣告時，並沒有產生顯著正向的股價報酬，本論文也發現美國公司近年來有逐漸將聯貸訊息轉移到盤後再宣告的趨勢，因此本論文再將聯貸案宣告的資料，分成交易時間和非交易時間加以分析，而實證結果顯示，不論於交易時間或非交易時間出現的聯貸宣告，其公司股價均沒有顯著的異常報酬，而且很多公司甚至有負報酬的現象。最後，本論文進一步使用高頻率的日內資料來分析，公司取得聯貸是否是一項特殊資訊。而實證結果發現，雖然在銀行核定公司聯貸的前後，該公司股價的日內報酬率為正值，但是在統計上並不顯著。因此基於以上的實證結果，本論文的結論為：銀行核定企業聯合貸款並不具有認證效果，因此並不是一項特殊的資訊。

Thesis (Ph. D.)--Ruperto Carola zu Heidelberg, 1910. / Vita. Includes bibliographical references (p. 139-140).

Thesis (Ph. D.)--Ruperto Carola zu Heidelberg, 1910. / Vita. Includes bibliographical references (p. 139-140).

Theoretical models suggest that ownership structure may be an important determinant of securities' market characteristics. For example, the presence of informed traders leads to greater bid-ask spreads (Copeland and Galai (1983), and Glosten and Milgrom (1985)), and strategic trading of informed and discretionary liquidity traders leads to intertemporal variation in both trading volume and trading costs (Admati and Pfleiderer (1988), and Foster and Viswanathan (1990)). However, the empirical studies on the effect of ownership structure on market characteristics are limited. Prior studies focus on either one type of market characteristics or one type of owners, and usually do not address the potential endogeneity problem between market characteristics and ownership structure. This dissertation extends existing literature with two essays on ownership and market characteristics. The first essay broadly examines the effect of ownership structure (inside ownership, institutional ownership, and individual ownership) on market characteristics such as order flow, price impact of trade, quoted spread and quoted depth. For each market characteristic examined, I establish an empirical model based on existing theories and empirical evidence. My results indicate that stocks with greater inside ownership have lower order flow, greater price impact of trade, greater quoted spread and lower quoted depth, while stocks with greater active institutional ownership and greater individual shareholders have greater order flow, smaller price impact of trade, lower spread and greater depth. These results may have implications for corporate governance. For example, while agency theory suggests managerial ownership may align interests of managers and shareholders, this essay finds that this comes with a liquidity cost. Further, my results suggest there are liquidity benefits of individual and institutional ownership. If as suggested by Amihud and Mendelson (1989), investors require a higher rate of return for illiquid stocks, firms can target their shares to specific types of investors (for example, active institutions and individuals) to improve liquidity, and reduce their cost of capital. The second essay is a specific application of the first essay and examines the effect of institutional ownership on price discovery around earnings announcements. I select earnings announcements as the event for my analysis because there are three well-documented regularities about earnings announcements. First, market participants anticipate the forthcoming earnings announcements. Second, the announcements of earnings news are usually accompanied by abnormal price changes and abnormal volume. Third, there is evidence that stock price continues to move in the direction of earnings surprise after the announcements of earnings news. Since results from the first essay suggest that institutional investors affect market characteristics such as price impact of trade and quoted spread, I expect that institutional participation would also affect the price discovery process around earnings announcements. My results indicate that institutional ownership is associated with greater anticipation of earnings news. Further, stocks with greater institutional ownership have a greater price response to announcements of earnings news. Finally, institutional investors have no significant effect on post-announcement drift. The results of the second essay suggest that institutional investors contribute to the price discovery process. / Ph. D.

Dissertation (MA (Drama and Film Studies))--University of Pretoria, 2002. / Drama / unrestricted

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